This september i have completed 5 years in the UK but i was not
present in UK during the period 28/Aug/10 to 17/March/11. I have a
letter from my previous employer that i had to travel back to india
for providing knowledge transfer to offshore team and why my stay at
offshore was crucial.

Is there a chance i can apply for my ILR and it will go through or
will i have to wait for another 3.5 years.

The new Immigration Rules published in UKBA on 22, Nov which will come in to force on 13 December 2012 is copied below:

"the applicant has been absent from the UK for a period of 180 days or less in any of the five consecutive 12 calendar month periods (or four consecutive 12 calendar month periods where the applicant is applying under the terms set out in Appendix S) preceding the date of the application for indefinite leave to remain"

Considering this new rule if i am not wrong my absence period 28/Aug/10 to 17/March/11 will automatically split as 4 months in the calender year 2010 and 3 months in the calender year 2011.

The new Immigration Rules published in UKBA on 22, Nov which will come in to force on 13 December 2012 is copied below:

"the applicant has been absent from the UK for a period of 180 days or less in any of the five consecutive 12 calendar month periods (or four consecutive 12 calendar month periods where the applicant is applying under the terms set out in Appendix S) preceding the date of the application for indefinite leave to remain"

Considering this new rule if i am not wrong my absence period 28/Aug/10 to 17/March/11 will automatically split as 4 months in the calender year 2010 and 3 months in the calender year 2011.

Can you please advice if i will be eligible as per this new rule.

The split is not into calendar years but into 5 consecutive periods of 12 calendar months preceding the application, so it seems that you can time your application to comply.

Further guidance and clarification is likely to be issued before 13 December.

On this forum you can find very good oics and fee are too bad also, my self I got a lawer from this forum, my understating its that if I had the opportunity to know this forums I could have been British citizen long time ago.
I am sure you will not regret it.
Good luck